The Bank of Ghana's latest assessment reveals a mixed outlook for Ghana's economy, with inflation remaining a key concern. Inflation, initially expected to return to the 6–10% target band by the third quarter of 2025, is now forecast to stabilise within this range by the final quarter of the year. This adjustment reflects ongoing pressures from food and fuel price volatility, exchange rate fluctuations, and utility cost adjustments.

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Economic indicators suggest a recovery, with the Composite Index of Economic Activity recording a 2.2% annual growth in September 2024, reversing the contraction seen in 2023. Increased port activity, tourism, and private sector credit have contributed to this momentum. However, inflation remains a hurdle, with projections for 2024 averaging 20.

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1%, up from earlier estimates of 19%​​ "Major drivers of the improvement in economic activity include increased port activity, households and firms consumption of goods and services , construction activities, credit to the private sector, and higher tourist arrivals. At the time of the last MPC meeting, average inflation forecast a year ahead which stood at 19.0 percent has increased slightly to 20.1 percent at this forecast round.

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The horizon for inflation to get back within the target band of 6 – 10 percent has slightly shifted forward to Q42025 from the original forecast period of Q32025," the 121st MPC report stated. The International Monetary Fund (IMF) forecasts single-digit inflation by the end of 2025, marking a significant improvement from the current figures. The IMF also anticipates economic growth to accelerate from 2.8% in 2024 to 4.

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4% in 2025, buoyed by tighter monetary policy and structural reforms under the Extended Credit Facility programme. A Staff-Level Agreement expected to be approved this month is expected to pave the way for an additional $360 million disbursement before the end of the year, to hep bolster macroeconomic stability.

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